PREIT Closes on Sale of Multi-Family Land at Moorestown Mall
Year-To-Date Asset Sale Proceeds and Excess Cash from Operations Used to Reduce Debt by $82 million
PREIT (NYSE: PEI), today, announced that it has sold two additional assets for $14.2 million.
The Moorestown Mall land was sold for approximately $12 million and will be the site of 375 residential units. This transaction represents PREIT’s second multifamily land sale following an Exton Square Mall transaction that yielded approximately 350 units.
Additionally, the Company has closed on the sale of an outparcel to Four Corners Property Trust for $2.4 million. PREIT expects to close on 6 additional outparcels for $22 million in the coming weeks.
The Company continues to prioritize its plan to raise capital and execute on its plan to sell assets with purchase and sale agreements executed for another $56 million and additional transactions in the pipeline for execution. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million through June 30, 2022.
“We are keenly focused on continuing to raise capital to improve our balance sheet as we simultaneously drive operational enhancements, improving the overall quality of our offering,” said Joseph F. Coradino, Chairman and CEO of PREIT. “The closing of the Moorestown land sale evidences the power of the portfolio and the real estate we have aggregated.”
The sale of land for multi-family units at Moorestown Mall is a meaningful step toward PREITs vision to evolve its properties. PREIT is focused on evolving its properties into community hubs marked by a healthy mix of apartments, hotels, entertainment, dining, health & wellness, working space, and local small business retail. This initiative capitalizes on PREIT’s portfolio of bullseye locations to produce a broader consumer base, offering its communities more and driving success for its tenants.